President Trump Is the Latest Critic of Facebook’s Libra
many serious concerns” about Facebook’s Libra cryptocurrency. Those include issues related to privacy and money laundering, as well as the platform’s potential to destabilize monetary policy around the world, should it catch on with Facebook’s 2 billion users. It appears the president of the United States was tuning in.
Gregory Barber covers cryptocurrency, blockchain, and artificial intelligence for WIRED.
Late Thursday, President Donald Trump unleashed a three-tweet squall declaring himself “not a fan of Bitcoin and other Cryptocurrencies,” and referring to the use of “unregulated digital assets” for “drug trade and other illegal activities.” He included Libra in that category, saying the platform “will have little standing or dependability” and would fall prey to similar dependability issues. He suggested Facebook would need to acquire a banking charter to proceed with its efforts. Trump concluded with a patriotic message about the global primacy of the US dollar, suggesting he’s not comfortable with Libra or other cryptocurrencies becoming rivals.
The tweets come as Facebook undergoes scrutiny for its plans from regulators in the US and abroad. Regulators—especially those at central banks like the Fed—are concerned that Libra will operate in a void outside existing frameworks for global monetary policy. They’re grappling with what regulations
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